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Dublin enterprise grants: Have you applied and any advice?

  • 29-04-2008 6:53am
    #1
    Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭


    Basically I want to get on my Blackhorse and ride it out of the home studio into a professional premises. I have applied for a business grant and possible subsidized rent on an office space . I am wondering have any studio owners gone down this road and if so would you please help me with some advice? I really want to spread my wings here in Dublin and I have a business mentor with the Dublin enterprise company. I am nervous, I will be heading into the Dragons den. Has anyone been in a process the same or similar to this?


    Cheers

    D


«1

Comments

  • Registered Users, Registered Users 2 Posts: 7,790 ✭✭✭PaulBrewer


    Good work Chief! An admirable attitude to progressing - the very thing the Irish music industry needs.

    I have had some experience in this and found the whole experience positive.
    If I was to give you one word of advice it's speak to them in their (financial) language.

    A business plan is vital. I used a package from http://www.businessplanning.ws/

    This allowed me to find answers to questions that I didn't know needed answering! This also has the advantage of getting you to think in their terms , 'how much will my electricity bill actually be' and such like.

    I also got help from my friendly Bank Man on how to deal with them too.

    I think grants are an underused resource it's all very well building up slowly, but if you could get Euro 20k or whatever now that puts you ahead of your competition, rather than waiting a couple of years to get to the same level - with all the business that might be lost.

    It ain't called the Music BUSINESS for nothing - those who accept that do well in my experience.


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    Nice one Paul,



    I am booked in on the 8th of May to begin screening and business plan study. I will be going in with a full business plan prepared. I want to grow, I want to expand and I have a plan that if it works out, could potentially become an international business. I also have the 'FEAR' factor! I am sick of building up slowly, its a drag although it has got me to a point of better knowledge of the business. Who is your friendly bank man? Do you mean bank manager or just a mate that know his stuff? Either way these could be my last few days of having time to play Grand theft auto 4. If they deny me my dream then the only other option is to use the business plan that my mentor helps me with and bring it to the bank manager so maybe something positive might just come out of this!


  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046


    you got a helpful reply in the Biz section


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    sei046 wrote: »
    you got a helpful reply in the Biz section

    Thanks Sei046,


    Can you direct me to the biz section please friend?


  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046




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  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle




  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046


    It might be a nice idea to have pure business heads who dont give a toss about music to throw in their 2c


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    sei046 wrote: »
    It might be a nice idea to have pure business heads who dont give a toss about music to throw in their 2c

    Yeah you are right, business people say it like it is when it comes down to 'the business reality check'! I hate them and love them at the same time ! I was out with a millionaire property developer on sat night and he told me I was messing around with the home studio and that I should take things up a notch. He also told me I had what it takes and should just get up off my arse and sort it out. He was rather cruel but thats what friends are for!


  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046


    Exactly, There are lads on this audio forum like Paul there who will have a nice bit of experience in both the music and business sides of things but at the end of the day business language is the same anywhere and them lads there will know about business plans etc.


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    sei046 wrote: »
    Exactly, There are lads on this audio forum like Paul there who will have a nice bit of experience in both the music and business sides of things but at the end of the day business language is the same anywhere and them lads there will know about business plans etc.

    I will pick their brains so!!! If they let me :(


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  • Registered Users, Registered Users 2 Posts: 843 ✭✭✭trackmixstudio


    Hi Dav,
    I got an enterprise grant when I first opened the studio in 1995.
    As far as I am aware, the enterprise board don't give capital grants anymore, but will offer a (useless and intrusive) training and mentoring service.
    Check here:
    http://www.dceb.ie/financial-assistance/ineligible-projects
    According to this, there are no capital grants available for retail outlets or professional services. The grants are available for manufacturing facilities with the capacity to export goods and create employment.
    Your proposed studio would be a professional service and would probably not qualify. You should look into this before you go to any time/expense preparing business plans etc.
    Your best bet may be to apply for an employment grant for yourself.
    You should also contact FAS about getting a reduced rate on a premises.
    You should also do some market research before you jump into this. The commercial studio business is HARD!. I am well established and work exclusively in the niche rock/metal market and do very well, but many studios are not busy these days. Ring around lots of studios and pretend you want to book in and see how soon they could fit you in for a weekend. You will probably find most of them could fit you in within a couple of weeks. Cheap home recording gear has made it possible for people to record themselves with passable quality. The main exception is good live drums recording and if you can get a rep for a great drum sound you will get bookings.
    Not trying to put you off but there is no free ride.
    Michael


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    Hi Dav,
    I got an enterprise grant when I first opened the studio in 1995.
    As far as I am aware, the enterprise board don't give capital grants anymore, but will offer a (useless and intrusive) training and mentoring service.
    Check here:
    http://www.dceb.ie/financial-assistance/ineligible-projects
    According to this, there are no capital grants available for retail outlets or professional services. The grants are available for manufacturing facilities with the capacity to export goods and create employment.
    Your proposed studio would be a professional service and would probably not qualify. You should look into this before you go to any time/expense preparing business plans etc.
    Your best bet may be to apply for an employment grant for yourself.
    You should also contact FAS about getting a reduced rate on a premises.
    You should also do some market research before you jump into this. The commercial studio business is HARD!. I am well established and work exclusively in the niche rock/metal market and do very well, but many studios are not busy these days. Ring around lots of studios and pretend you want to book in and see how soon they could fit you in for a weekend. You will probably find most of them could fit you in within a couple of weeks. Cheap home recording gear has made it possible for people to record themselves with passable quality. The main exception is good live drums recording and if you can get a rep for a great drum sound you will get bookings.
    Not trying to put you off but there is no free ride.
    Michael

    Hi Michael,
    (On a positive note)

    Nice to hear from you, thanks for the reply. I have a great idea and found what I believe is an international gap in the market of sound recording. I also have met a fantastic sound engineer (especially with drums!) and he said if I follow my plans to the 'T' he will strongly consider dropping his day job and splitting the business rent and costs with me. He wants to see if I have the balls to get the premises up and running.

    On a more negative note,

    My plan might fail, my friends might sneer at me and I might feel like a failure. The attitude I have at the moment is

    1. I have to 'get up and go' (no fu$$ing about)
    2. I have an idea and its worth a shot.

    If I fail I will bounce back like a god dang bat outta hell!

    You have your niche! I want mine!!!!

    Lots of hugs

    D


    P.S.

    If the trade goes international after a few years they may be able to offer grants but you are right 'it is a very long shot and perhaps FAS might be a better option'!!


  • Registered Users, Registered Users 2 Posts: 7,790 ✭✭✭PaulBrewer


    sei046 wrote: »
    It might be a nice idea to have pure business heads who dont give a toss about music to throw in their 2c

    These are the Buckos who will be making the judgments ..... beware though, like our forum, it could be full of Tin Roofers .....


  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046


    now now paul!


  • Registered Users, Registered Users 2 Posts: 7,790 ✭✭✭PaulBrewer


    sei046 wrote: »
    now now paul!

    Da Truth Hurts!!! :p


  • Registered Users, Registered Users 2 Posts: 501 ✭✭✭Sham Squire


    Alright all. I will try to keep calm as I post this and I appreciate that this might not be everyones experience but the day I went to see the Dublin Enterprise Board (spit!) was one of the most infuriating experiences of my life.
    I went in with a business plan and lots of prep. I was going in with looking for a mentor and any other help (financial or otherwise) that they could give me with my business. Without going in to too much detail (as I am still in the process of setting it up) it was for a studio with an online business attached related to selling music. I went into their office in Temple Bar having submitted a long written proposition (which I don't believe they read) a month in advance of my meeting. I sat down with David Brent who asked me to outline my idea "in my own words" and then looked visibly disturbed that there was a quantifiable bottom line and profit margin equation worked out (which had all been in the proposition). He then went into great detail about his youth in the music business, releasing a single with some band in the 70's (I almost expected him to break out the Creme Brulee tape) and after this 45 minute tedium told me there was absolutely no help available from them because my idea related to the music industry.
    That was it. I was gobsmacked and just got up and left. I regret to this day not asking him why they had gotten me to come in for the appointment if they were never going to help me as the whole plan was detailed in my proposition (which, again, I don't think he even read).
    Sorry for the long drawn out post but the experience has stayed with me and still gets me red in the face when I think about it. It was nothing short of insulting. I really hope nobody else ever has to go through that but I imaging David Brent likes his ego massaged so he gets anybody with a 'music' idea in so he can spin a couple of yarns about the good old days and then send you on your way.
    I hope it's different for you and the very best of luck.


  • Registered Users, Registered Users 2 Posts: 6,401 ✭✭✭jtsuited


    so hold on, people are shocked that enterprise boards are unwilling to give money to something related to the music business?

    Just to play devil's advocate here, how in the name of jaysus is a music studio (even a huge massive one) gonna provide enough employment or business to make it worthwhile?

    In reality, investing in studios in this day and age is essentially throwing your money in a big hole.


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    Well at least I am prepared then!! LOL

    Thanks for the interesting passage Sham Squire. At least I will be prepared for the worst. The fact is I will have to knock on a few doors. Maybe the board might put me in touch with some other influential party? Maybe they will talk a load of dump? I don't really know ? They mentioned that they only finance international business and manufacturing. It sounds to me like they were a little condescending to say the least.


  • Registered Users, Registered Users 2 Posts: 7,790 ✭✭✭PaulBrewer


    Alright all. I will try to keep calm as I post this and I appreciate that this might not be everyones experience but the day I went to see the Dublin Enterprise Board (spit!) was one of the most infuriating experiences of my life.
    I went in with a business plan and lots of prep. I was going in with looking for a mentor and any other help (financial or otherwise) that they could give me with my business. Without going in to too much detail (as I am still in the process of setting it up) it was for a studio with an online business attached related to selling music. I went into their office in Temple Bar having submitted a long written proposition (which I don't believe they read) a month in advance of my meeting. I sat down with David Brent who asked me to outline my idea "in my own words" and then looked visibly disturbed that there was a quantifiable bottom line and profit margin equation worked out (which had all been in the proposition). He then went into great detail about his youth in the music business, releasing a single with some band in the 70's (I almost expected him to break out the Creme Brulee tape) and after this 45 minute tedium told me there was absolutely no help available from them because my idea related to the music industry.
    That was it. I was gobsmacked and just got up and left. I regret to this day not asking him why they had gotten me to come in for the appointment if they were never going to help me as the whole plan was detailed in my proposition (which, again, I don't think he even read).
    Sorry for the long drawn out post but the experience has stayed with me and still gets me red in the face when I think about it. It was nothing short of insulting. I really hope nobody else ever has to go through that but I imaging David Brent likes his ego massaged so he gets anybody with a 'music' idea in so he can spin a couple of yarns about the good old days and then send you on your way.
    I hope it's different for you and the very best of luck.

    Sorry for your trouble Chief! My dealings were with the Offaly Enterprise and were very positive .

    They weren't specifically interested in what business I was in, per se, but the fact it WAS a business (or wasn't as may have been the case!)

    Once they were comfortable that it was viable they were quite interested, as it was the 'glamourous' Music Biz.

    My point being .... don't mind David Brent, that's only his opinion . I'm sure the Dublin thing is big enough that there other desks to put your proposals on.

    This year alone there are 2 studios who have invested in SSL consoles so the idea that a studio can't succeed is patently wrong. It most certainly can. I see it every day.

    Similarly the fact you're adding another business to it makes it even more achievable.

    Whether you're making Hit Records or Darning Socks your business is either viable or it's not.

    If you got refused for some other reason other than Viability then that's not an acceptable response.

    Re-apply if you can, if you don't get a reasonable response, then off to the local TD, I'd say.

    Best of Luck.


  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046


    Good posts lads, Interesting to hear this side of it


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  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    sei046 wrote: »
    Good posts lads, Interesting to hear this side of it

    Well I just decided that there is no point of going in with a fifteen page long and drawn out business proposal so I have done up a five pager! I will look my mentor in the eye ball and say 'would you like the long winded version'? or the 'short and sweet version'?

    That way I wont be able to blame my business plan if my screening application fails.


  • Registered Users, Registered Users 2 Posts: 7,790 ✭✭✭PaulBrewer


    dav nagle wrote: »
    Well I just decided that there is no point of going in with a fifteen page long and drawn out business proposal so I have done up a five pager! I will look my mentor in the eye ball and say 'would you like the long winded version'? or the 'short and sweet version'?

    That way I wont be able to blame my business plan if my screening application fails.

    15 pages?
    Mine was 99 .... I had the answer to any question they might have in hard numbers


  • Registered Users, Registered Users 2 Posts: 2,413 ✭✭✭frobisher


    It's been a while since I was in studio-land as a business venture. You don't need me to tell you how it is, I'm sure you know for yourself that it's tough to make real money in. But if you've spotted an empty niche that can be scaled internationally, sweet, go for it. However, I'd say go for it cautiously. But again, you don't need to hear that from me. Forgive me, experience has made me a bit of a cynic in these regards!

    You won't get a capital grant from the Government. I'd love to be proved wrong on that as I'd go and knock on the same door. The criteria for these grants doesn't include studio services the way it might have a few years ago. Grants are a funny thing anyway. No start-up can afford to say no to cash but they can create a false sense of how the business is doing. I've seen this happen a few times. If a business needs a grant it's in trouble. That's obviously very simplistic but you know what I mean.

    DCEB mentorship schemes are a mixed bag too I reckon. I think a lot of those guys are on ego trips. I presume they are there out of merit but I sent back 3 of them before I got one who was bang on the money. And what I learnt from him was pretty good. Take from it what you can I guess. What area of expertise is the persong they've given you?

    You mention a partner. Once again forgive my cynicism again but be careful here. Partnerships can make a business as much as break a business. You said this engineer wants you to follow the business plan to the T. That won't happen. A business plan is a sign post that will have to change direction several times. There's some crazy statistic about what % of businesses that manage to last 5 years are always the ones that adapt quickest and best often extremely far from their initial plans.

    I'm not sure what the traffic is like round in the boards business forums (fora??) these days but you should defo check out this place: http://www.askaboutmoney.com
    Lots of well informed local knowledge over there.

    What you're doing sounds interesting though. Would love to hear more!!


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    PaulBrewer wrote: »
    15 pages?
    Mine was 99 .... I had the answer to any question they might have in hard numbers

    Are you taking the mic or wha? 99 pages? You must be exaggerating sir?


  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046


    i hope that "taking the mic" phrase was a pun on musical production.......If it wasnt, What a waste of a pun!


  • Registered Users, Registered Users 2 Posts: 2,413 ✭✭✭frobisher


    dav nagle wrote: »
    Are you taking the mic or wha? 99 pages? You must be exaggerating sir?

    My expereince with investors is that they won't even look at a business plan that's too long. Banks are different though, which is possibly why I've never got money from them ;). I'm usually asked for everything on 5 pages; 3 years of projected finances and a 2 page synopsis. 99 pages is pretty damn scary!!


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    frobisher wrote: »
    It's been a while since I was in studio-land as a business venture. You don't need me to tell you how it is, I'm sure you know for yourself that it's tough to make real money in. But if you've spotted an empty niche that can be scaled internationally, sweet, go for it. However, I'd say go for it cautiously. But again, you don't need to hear that from me. Forgive me, experience has made me a bit of a cynic in these regards!

    You won't get a capital grant from the Government. I'd love to be proved wrong on that as I'd go and knock on the same door. The criteria for these grants doesn't include studio services the way it might have a few years ago. Grants are a funny thing anyway. No start-up can afford to say no to cash but they can create a false sense of how the business is doing. I've seen this happen a few times. If a business needs a grant it's in trouble. That's obviously very simplistic but you know what I mean.

    DCEB mentorship schemes are a mixed bag too I reckon. I think a lot of those guys are on ego trips. I presume they are there out of merit but I sent back 3 of them before I got one who was bang on the money. And what I learnt from him was pretty good. Take from it what you can I guess. What area of expertise is the persong they've given you?

    You mention a partner. Once again forgive my cynicism again but be careful here. Partnerships can make a business as much as break a business. You said this engineer wants you to follow the business plan to the T. That won't happen. A business plan is a sign post that will have to change direction several times. There's some crazy statistic about what % of businesses that manage to last 5 years are always the ones that adapt quickest and best often extremely far from their initial plans.

    I'm not sure what the traffic is like round in the boards business forums (fora??) these days but you should defo check out this place: http://www.askaboutmoney.com
    Lots of well informed local knowledge over there.

    What you're doing sounds interesting though. Would love to hear more!!

    Thanks for the input Frobisher,

    Many engineers I have met over the past few years who have their own production studios work in teams of two and sometimes three. I have given up on trying to work for a studio because my experience has taught me that successful studios don't need a 'tape op' or a 'coffee maker' and I dont want to be doing those things anyway. Now maybe they need somebody for something and if you are in the right place you might land that job. I remember meeting a guy who was so excited that he landed a job in a studio and I was so naive to think 'why is he so excited??' surely its not too hard to get a job but now I know it is!

    I am aware that the grants are not handed out for recording studios and I am also aware how strife the competition is out there . I recorded a songwriter one time and he really enjoyed recording with me in my home studio. He went back to one of his friends who was also one of my friends and said 'Dav is sound, he has the gear yada yada but if only he had a bigger space'.. That message got back to me and since then I have wanted to expand. I want people to have the full studio experience not half.

    My father is the most cynical man ever(and I know why and understand him). I find his negative attitude towards life at times soul destroying but on the other hand he would really like me to prove him wrong, like most fathers I would imagine. So when I see carpenters with their own studio space downstairs and living quarters upstairs I say to myself 'keep trying Dav'..

    Anyway I am verging on 27 now and I said I'll give myself until I am 30 before I even consider doing something else. I am in touch with many young artists out there and the one thing I am missing in my sales pitch just when I have them on my hook is 'The studio is large and comfortable and its basically the dogs yada yada'

    On the other hand I really enjoy the home studio and thats where I am at now and have 5 bookings in the pipe so maybe life is not so bad after all!

    When I go to this meeting on the 8th I will be screened. IE they will probably tell me o go home and get a bank loan! So unless they see a real potential in my endeavor I am back to square one.


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    sei046 wrote: »
    i hope that "taking the mic" phrase was a pun on musical production.......If it wasnt, What a waste of a pun!

    Its all relative either way :)!!


  • Registered Users, Registered Users 2 Posts: 7,790 ✭✭✭PaulBrewer


    dav nagle wrote: »
    Are you taking the mic or wha? 99 pages? You must be exaggerating sir?

    Exaggerate? Moi?? Nein! That ole Bus Plan software had a load of Spread sheets , pie charts etc. in it etc.

    The boys loved it, it was like giving them a box of chocolates!


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  • Registered Users, Registered Users 2 Posts: 7,790 ✭✭✭PaulBrewer


    I'm sure it wasn't read! - but if I got asked a question I had the answer.

    Percentage profit, Mr. Brewer?

    Outlay on electricity, Mr. Brewer?

    Insurance Costs? etc etc.

    Another important function of a Business plan is that YOU have an idea of what's going on.

    The fact that you have all those answers means you've thought about every aspect of your Biz, so even if you're guessing at some ( a lot?) of figures the point is you've thought about it!

    A very successful Businessman in Tullamore told me when evaluating a Business-

    Double the Costs you think you have
    Half the Profit you think you'll make

    Is it still adding up???


  • Registered Users, Registered Users 2 Posts: 2,413 ✭✭✭frobisher


    PaulBrewer wrote: »
    Exaggerate? Moi?? Nein! That ole Bus Plan software had a load of Spread sheets , pie charts etc. in it etc.

    Was it that Palo-alto package? If so it's very, very good. Alot of work, but what spits out the other end is far beyond what you'd imagine a package would do and even further beyond what the average "I think I'll set up a recording studio" person would create.


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    I luv you and you luv me! Stop kissing guys:p

    In all fairness, I have 6 days to get this together and the notion of creating a small bibliography is fairly far out there man. When did you apply Paul, was it recently or a few years ago? I mean from what I am reading here the chances of getting anything at all are fairly small.

    Is there anybody out there who gives grants to small home grown enterprises or should I just shut up and save/bank loan?


    Has anyone on Boards got a grant when setting up their studio recently?


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    Well I am popping into the dragons den..

    ''Double the Costs you think you have
    Half the Profit you think you'll make'' - Paul Brewer's buddy

    I took this advice and I am just about to head off now and meet the dragon so 'may gods speed soldier'.

    'When I learn more I will drop a radio signal on Alpha down in the charlie delta'

    Peace out


  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046


    This should be great to hear back on. Look forward to it


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    Update:

    Here is a list of the steps I have gone through since applying to Dublin Enterprise Board.

    1. Dublin Enterprise Board in my experience have been extremely kind and giving in their time and advice with me.

    2. I met a 'screener' who read a 5 page business plan I gave him and then met me in person. He said I had a terrible business plan but a good idea so he referred me to a business mentor.

    3. My business mentor phoned me and asked me to put together a comprehensive business plan. I did so and dropped in a copy for him to collect and read. He read the plan and asked if we could meet for tea and discuss a few things. We met for lunch and he advised me to stream line my plan and bullet point each item.

    4. The plan came to a 62 page count in total, it was both comprehensive and conservative. I sent it back to my mentor and he agreed that it was up to scratch and ready for the next stage. The plan took 2 months to complete and was an incredible amount of work.

    5. I was then advised on how the grant system works so here goes. The business startup grant if granted is €7,500 given to you in two halves. €3,250 and after 6 months you receive another check for the same amount. I was told that they do not care what you spend your money on once the grant is granted but there is more.

    6. I had to fill out another 8 page document to apply for this grant and send in 6 copies of my business plan along with 6 copies of the grant application form. Each copy is then posted to the board guru's who are investors and business people based around Ireland. These are the people who decide to give you the grant or not.


    So I have sent everything in and on September 17th I will know if I have been granted the money. I have one more interview to do in an effort to explain why this grant aid is so important. The other grant I mentioned earlier is a capital grant. You borrow say €150,000 and the board will pay you back half that sum when you show them proof of purchase. This half goes directly to the bank which in turn keeps them happy. The catch is after 2 years you must start paying half of what the board has given you back to the board. So you will owe the bank €75,000 and you will owe the board €32,500. I opted out on this one and decided to continue to build my business up slowly and steadily. I have to prove to the bank and myself that I can sustain regular savings in the bank through my business, if I am to succeed the bank will give me a loan for whatever I want.

    The point is, if it wasn't for the free business mentoring I would have never really understood how I was going to promote my business. I now have an excellent business plan that at the right time I can give to a bank or anyone in business, even an investor of some kind. That to me makes all this worth my time. The €7,500 will pay for marketing and new equipment.

    I have learnt allot in the process and I am now more confident than I was before, so regardless of the fact that I may not get any grant aid at all I have learnt so much and I thank DEB for that. I will again keep you all posted.

    I want to add that I now have a promotion strategy in place.
    I have a web developer and graphic artist working on my new business web site.
    I have an income coming in to pay for everything regardless of the grant.


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  • Registered Users, Registered Users 2 Posts: 7,790 ✭✭✭PaulBrewer


    dav nagle wrote: »
    Update:

    Here is a list of the steps I have gone through since applying to Dublin Enterprise Board.

    1. Dublin Enterprise Board in my experience have been extremely kind and giving in their time and advice with me.

    2. I met a 'screener' who read a 5 page business plan I gave him and then met me in person. He said I had a terrible business plan but a good idea so he referred me to a business mentor.

    3. My business mentor phoned me and asked me to put together a comprehensive business plan. I did so and dropped in a copy for him to collect and read. He read the plan and asked if we could meet for tea and discuss a few things. We met for lunch and he advised me to stream line my plan and bullet point each item.

    4. The plan came to a 62 page count in total, it was both comprehensive and conservative. I sent it back to my mentor and he agreed that it was up to scratch and ready for the next stage. The plan took 2 months to complete and was an incredible amount of work.

    5. I was then advised on how the grant system works so here goes. The business startup grant if granted is €7,500 given to you in two halves. €3,250 and after 6 months you receive another check for the same amount. I was told that they do not care what you spend your money on once the grant is granted but there is more.

    6. I had to fill out another 8 page document to apply for this grant and send in 6 copies of my business plan along with 6 copies of the grant application form. Each copy is then posted to the board guru's who are investors and business people based around Ireland. These are the people who decide to give you the grant or not.


    So I have sent everything in and on September 17th I will know if I have been granted the money. I have one more interview to do in an effort to explain why this grant aid is so important. The other grant I mentioned earlier is a capital grant. You borrow say €150,000 and the board will pay you back half that sum when you show them proof of purchase. This half goes directly to the bank which in turn keeps them happy. The catch is after 2 years you must start paying half of what the board has given you back to the board. So you will owe the bank €75,000 and you will owe the board €32,500. I opted out on this one and decided to continue to build my business up slowly and steadily. I have to prove to the bank and myself that I can sustain regular savings in the bank through my business, if I am to succeed the bank will give me a loan for whatever I want.

    The point is, if it wasn't for the free business mentoring I would have never really understood how I was going to promote my business. I now have an excellent business plan that at the right time I can give to a bank or anyone in business, even an investor of some kind. That to me makes all this worth my time. The €7,500 will pay for marketing and new equipment.

    I have learnt allot in the process and I am now more confident than I was before, so regardless of the fact that I may not get any grant aid at all I have learnt so much and I thank DEB for that. I will again keep you all posted.

    Well done Chief!:cool: Now you can get some Dogproofing!


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    PaulBrewer wrote: »
    Well done Chief!:cool:

    Thanks boss I am doing my best ya know. :)


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    Grant approved!


    Time to celebrate!


  • Registered Users, Registered Users 2 Posts: 6,401 ✭✭✭jtsuited


    friggin nice one man.

    delighted for ya.
    congratchawelldone and all that!


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    jtsuited wrote: »
    friggin nice one man.

    delighted for ya.
    congratchawelldone and all that!

    Yeah man its a biggy. If I make this grant work I can apply for a capital grant and get the gear I always wanted. They told me on the phone today that Grouse lodge were one of the only recent studios successful in a grant application of recent times. They also told me I am an example of a small time fish who can succeed. So happy frigging days. 4 months work and I got it. Now the real work begins, roll on Jan 09 Big D is coming to town. Have a violin teacher of impeccable quality lined up, all I need is a piano teacher (who are two a penny)lol like us guitar teachers!! three a penny ! one a penny two a penny three a penny four!!


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  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046


    Lovely Shtuff!


  • Closed Accounts Posts: 8,323 ✭✭✭Savman


    woot!


  • Registered Users, Registered Users 2 Posts: 6,401 ✭✭✭jtsuited


    dav nagle wrote: »
    Yeah man its a biggy. If I make this grant work I can apply for a capital grant and get the gear I always wanted. They told me on the phone today that Grouse lodge were one of the only recent studios successful in a grant application of recent times. They also told me I am an example of a small time fish who can succeed. So happy frigging days. 4 months work and I got it. Now the real work begins, roll on Jan 09 Big D is coming to town. Have a violin teacher of impeccable quality lined up, all I need is a piano teacher (who are two a penny)lol like us guitar teachers!! three a penny ! one a penny two a penny three a penny four!!
    if ya need a drum teacher who can double as a guitar teacher/music tech guy/techno production/tennis coach I'm your man!!:D


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    jtsuited wrote: »
    if ya need a drum teacher who can double as a guitar teacher/music tech guy/techno production/tennis coach I'm your man!!:D

    PM me your number and we can have a nice chat, drum teacher would be excellent.


  • Registered Users, Registered Users 2 Posts: 6,401 ✭✭✭jtsuited


    dav nagle wrote: »
    PM me your number and we can have a nice chat, drum teacher would be excellent.

    awesome!


  • Closed Accounts Posts: 8,323 ✭✭✭Savman


    One of MP's better days, I suspect :pac:


  • Registered Users, Registered Users 2 Posts: 1,301 ✭✭✭artvandulet


    Well that whole thread has been an enjoyable and eductating read.
    Well done!
    I am at business plan stage for a start up myself - not a studio but music related. This has been very interesting indeed.
    Cheers for sharing.


  • Registered Users, Registered Users 2 Posts: 2,182 ✭✭✭dav nagle


    Well that whole thread has been an enjoyable and eductating read.
    Well done!
    I am at business plan stage for a start up myself - not a studio but music related. This has been very interesting indeed.
    Cheers for sharing.

    Thanks mate, best of luck with your project.


  • Registered Users, Registered Users 2 Posts: 2,110 ✭✭✭sei046


    dav nagle wrote: »
    Thanks mate, best of luck with your project.

    I think I just got diabetes


  • Registered Users, Registered Users 2 Posts: 6,401 ✭✭✭jtsuited


    sei046 wrote: »
    I think I just got diabetes
    lol!


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